economic prosperity

Examples of economic prosperity in the following topics:

• Economic Prosperity

  • Economic prosperity is necessary to achieve foreign policy goals, and despite the 2008 recession, the U.S. economy is still powerful.
  • Technological and industrial factors have also played a major role in the United States' economic prosperity .
  • Economic prosperity is a central component of any states' foreign policy.
  • Similarly, economic prosperity is tied to the maintenance of a global military presence.
  • One of the reasons for the United State's economic prosperity is the abundance of natural resources, such as oil.

• The Goals of Economic Policy

  • There are four major goals of economic policy: stable markets, economic prosperity, business development and protecting employment.
  • Economic policy refers to the actions that governments take in the economic field.
  • Policy is generally directed to achieve four major goals: stabilizing markets, promoting economic prosperity, ensuring business development, and promoting employment.
  • One of the major goals of economic policy is to promote economic growth.
  • Compare and contrast the policy tools used by governments to achieve economic growth

• Conclusion: WWII and the U.S.

  • The post-World War II period in the United States witnessed unprecedented economic prosperity and important social developments, including critical shifts on the labor market, rise of mass consumerism, "baby boom," and the rapid growth of civil rights movement.
  • As a result of the postwar economic boom, 60% of the American population had attained a "middle-class" standard of living by the mid-50s (defined as incomes of $3,000 to $10,000 in constant dollars), compared with only 31% in the last year of prosperity before the onset of the Great Depression.
  • Consumerism represented one of the consequences (as well as one of the key ingredients) of the postwar economic boom.
  • As economic prosperity empowered couples who had postponed marriage and parenthood, the birth rate started shooting up in 1941, paused in 1944-45 (with 12 million men in service), and then continued to soar until reaching a peak in the late 1950s (the post-war "baby boom").
  • As economic prosperity empowered couples who had postponed marriage and parenthood, the birth rate started shooting up in 1941, paused in 1944-45 (with 12 million men in service), and then continued to soar until reaching a peak in the late 1950s (the post-war "baby boom").

• General Economic Conditions

  • Prosperity represents a period of time during which the economy is growing.
  • The U.S. economy was in a period of prosperity from 1991 to 2000.
  • Recession tends to occur after periods of prosperity and inflation.
  • Depression represents the most serious economic downturn.
  • Recovery is a complicated economic pattern, in that some economic indicators increase while others may stay low or even decrease.

• The Transition to Peacetime

  • Following the war, the U.S. was largely able to maintain economic growth and resist inflation.
  • As a result of the postwar economic boom, 60% of the American population had attained a "middle-class" standard of living by the mid-50s (defined as incomes of $3,000 to $10,000 in constant dollars), compared with only 31% in the last year of prosperity before the onset of the Great Depression.
  • One of the key factors in postwar prosperity was a technology boom due to the experience of the war.
  • Despite the prosperity of the postwar era, a significant minority of Americans continued to live in poverty by the end of the Fifties.
  • Differentiate between economic conditions of the depressed 1930s and the prosperous 1940s

• The Disadvantages of Socialism

  • Despite the theoretical benefits of socialist economic systems, there are also disadvantages that may arise in application.
  • They, therefore, perceive public ownership of the means of production, cooperatives and economic planning as infringements upon liberty.
  • Some of the primary criticisms of socialism are claims that it creates distorted or absent price signals, results in reduced incentives, causes reduced prosperity, has low feasibility, and that it has negative social and political effects.
  • Economists of the Austrian school argue that socialist systems based on economic planning are unfeasible because they lack the information to perform economic calculations in the first place, due to a lack of price signals and a free-price system, which they argue are required for rational economic calculation.
  • Some of the primary criticisms of socialism are claims that it creates distorted or absent price signals, results in reduced incentives, causes reduced prosperity, has low feasibility, and that it has negative social and political effects.

• Infant Industry Argument

  • Economic markets are inherently competitive and newer economies are vulnerable to their more developed counterparts in other countries.
  • Indeed, Britain employed similarly protectionist policies during this time frame, setting the tone for large economic expansion in the longer term.
  • The reason for this is quite simply the significant jump in prosperity as international trade expanded, and the huge capacity for specialization, economies of scale, technology sharing, and a host of other advantages that have been a direct result of free global markets.
  • The problem still remains, however, that this prosperity is often unregulated and of the greatest benefit to the influential players in established economies, sometimes at the expense of exploitation of developing nations (cheaper labor, reduced governmental oversight, etc.).
  • This map demonstrates the vast difference in overall economic power across the globe, underlining the inequities that need to be addressed in economic policy formulation.

• GDP per capita

  • Gross domestic product (GDP) per capita is the mean income of people in an economic unit.
  • It is the mean income of the people in an economic unit such as a country or city.
  • However, critics contend that per capita income has several weaknesses as a measure of prosperity, including:
  • Without using measures of income adjusted for inflation, they will tend to overstate the effects of economic growth.
  • Median income is a more useful measure of prosperity than GDP per capita because it is less influenced by outliers.

• Introduction to Small Business and the Corporation

  • Americans have always believed they live in a land of opportunity, where anybody who has a good idea, determination, and a willingness to work hard can start a business and prosper.
  • In 19th-century America, as small agricultural enterprises rapidly spread across the vast expanse of the American frontier, the homesteading farmer embodied many of the ideals of the economic individualist.
  • But as the nation's population grew and cities assumed increased economic importance, the dream of being in business for oneself evolved to include small merchants, independent craftsmen, and self-reliant professionals as well.
  • The 20th century, continuing a trend that began in the latter part of the 19th century, brought an enormous leap in the scale and complexity of economic activity.

• The Culture of Abundance and Consumerism

  • The 1950s were a time of expanded consumption of household goods, spurred by a rise in overall prosperity within America.
  • In the 1920s, economists such as Paul Nystrom proposed that changes in the style of life, made feasible by the economics of the industrial age, had induced to the mass of society a "philosophy of futility" that would increase the consumption of goods and services as a social fashion—an activity done for its own sake.
  • The immediate years unfolding after World War II were generally ones of stability and prosperity for Americans.
  • At the center of middle-class culture in the 1950s was a growing demand for consumer goods, a result of the postwar prosperity, the increase in variety and availability of consumer products, and television advertising.
  • The growth of suburbs was not only a result of postwar prosperity, but innovations of the single-family housing market with low interest rates on 20- and 30-year mortgages, and low down payments, especially for veterans.